Write a program to calculate monthly mortgage payments. Learning Objectives:

Write class, create objects using constructors, and write methods.

Write a program to calculate monthly mortgage payments.

Create two classes $-$ Mortgage.java and MortgageCalculation.java $(5$ points each$)$

The Mortgage.java class will be your blueprint where you will create:

A constructor with three parameters $-$ Mortgage amount, mortgage interest rate $($yearly

rate$),$ and mortgage term $($in years$).-10$ points

A method to calculate monthly mortgage amount $-20$ points

The formula to use is this:

Where $M=$ monthly mortgage payment amount $($this is what you are calculating to get$)$

$P=$ Principal mortgage amount

$n=$ number of months required to repay the loan

monthly rate $=$ Mortgage interest $\frac{?}{12}$

${?}^n$ means raise to the power of n

This method should return monthly mortgage amount.

Write a method that will return the principal balance after payment of one installment.

In that installment payment, $75\%$ of the amount was attributed to interest and $25\%$ was

attributed to the principal. $-10$ points The mortgage company allows early principal payment. Write a method for extra

principal payment that will return the principal balance after this payment. $-10$ points

Write a setter method for the interest rate. $-5$ points

Write a getter method for the principal balance. $-5$ points

On the driver class, create $2$ objects of type Mortgage $(5$ points$)$:

A mortgage of $$400,000$ with fixed yearly mortgage rate of $6\%$ for $30$ years

A mortgage of $$350,000$ with fixed yearly mortgage rate of $5\mathrm{.}75\%$ for $15$ years.

Print monthly mortgage amount for both loans. $-5$ points

Print principal balance after one installment is paid $-5$ points

Set new interest rate by lowering both rates by $25$ basis points and print monthly

mortgage rate for both loans. $-5$ points

Make extra principal payment for $$5000$ for both loans and print what will be the

monthly mortgage payment after making that extra principal payment. $-5$ points

Print the current principal balance. $-5$ points

Please write the methods in sequence and the same for operations.

Your solutions will be in two files. Copy and paste your code as instructed below and

submit this word document through Canvas.

Answer:

Mortgage.java:

Create two classes $$ Mortgage.java and MortgageCalculation.java

The Mortgage.java class will be your blueprint where you will create:

$1)$ A constructor with three parameters $$ Mortgage amount, mortgage interest rate $($yearly

rate$),$ and mortgage term $($in years$).$

$2)$ A method to calculate monthly mortgage amount

The formula to use is this:

M $=$ P$($monthly rate$(1+$monthly rate$)^$n$)/((1+$monthly rate$)^$n $1)$

Where M $=$ monthly mortgage payment amount $($this is what you are calculating to get$)$

P $=$ Principal mortgage amount

n $=$ number of months required to repay the loan

monthly rate $=$ Mortgage interest $/12$

$^$n means raise to the power of n

This method should return monthly mortgage amount.

$3)$ Write a method that will return the principal balance after payment of one installment.

In that installment payment, $75\%$ of the amount was attributed to interest and $25\%$ was

attributed to the principal.

$4)$ The mortgage company allows early principal payment. Write a method for extra

principal payment that will return the principal balance after this payment.

$5)$ Write a setter method for the interest rate.

$6)$ Write a getter method for the principal balance.

$7)$ On the driver class, create $2$ objects of type Mortgage

A mortgage of $$400,000$ with fixed yearly mortgage rate of $6\%$ for $30$ years

A mortgage of $$350,000$ with fixed yearly mortgage rate of $5\mathrm{.}75\%$ for $15$ years.

$8)$ Print monthly mortgage amount for both loans.

$9)$ Print principal balance after one installment is paid

$10)$ Set new interest rate by lowering both rates by $25$ basis points and print monthly

mortgage rate for both loans.

$11)$ Make extra principal payment for $$5000$ for both loans and print what will be the

monthly mortgage payment after making that extra principal payment.

$12)$ Print the current principal balance.

Please write the methods in sequence and the same for operations.